PUBLISHED : 28 Aug 2023 at 15:09
SINGAPORE: Thailand’s largest industrial conglomerate Siam Cement said on Monday it has decided not to proceed with the domestic initial public offering (IPO) of its unit SCG Chemicals due to unfavourable market conditions.
Siam Cement said in a stock exchange filing that “it may not be appropriate to proceed with the IPO at this time”.
The company, which counts His Majesty the King as its largest shareholder, attributed the decision to “the readiness of both Thai and foreign capital market investors to take on a sizeable IPO of a Thai company at this time as well as external circumstances such as the economic situation and energy crisis.”
Siam Cement announced in April last year the IPO plan for SCG…
